In his regular column for Caerphilly Observer, Caerphilly Business Forum’s chair Tony Sheehan looks back on the recent Autumn Statement.
Last week in his Autumn Statement the Chancellor announced the continuation – and, indeed, extension – of his existing austerity measures. While this was obviously disappointing, it was probably not unexpected and there were at least some positives that came from it.
You could almost hear the sigh of relief from all corners of the borough on news of the scrapping of the three pence per litre increase on fuel duty in January. Not only will this make it a little less painful for consumers to fill up at the pumps in the new year, it will also be of huge benefit to all those businesses in Caerphilly that depend on fuel to keep their businesses going. I know that for some, a rise in fuel prices can make a big difference to their margins.
There was also some relief in the form of the 1% cut in the Corporation Tax, making it 21% from April 2014, more generous investment allowances for business and higher infrastructure spending. Hopefully, all these measures are a step in the right direction and will ultimately encourage growth.
Then, there was reason for festive cheer this week following the release of the latest employment figures. The last quarter has seen the biggest fall in unemployment in Wales since 2001, with unemployment in Wales now standing at 7.9%, a drop of 15,000.
The other good news is that youth unemployment is at its lowest level in three and a half years. This is a truly heartening figure, a very good sign for the future and clearly a trend I hope will continue into 2013 and beyond. It is absolutely crucial that we ensure our young people find work.
However, in order to see this continue, I agree wholeheartedly with Jeff Cuthbert AM’s comments this week that he would like to see Arriva Trains Wales freeze their ticket prices.
The route from Caerphilly to Cardiff is vital for many in employment in the borough and to make this cost a burden is likely to have a negative impact on those who travel elsewhere for work. It was only a few months ago we welcomed the news of electrification and reduced costs on the line and hopefully, Arriva Trains Wales will listen to what Mr Cuthbert has to say.
Tony Sheehan
Chairman, Caerphilly Business Forum
For more information about Caerphilly Business Forum and its events call 029 2125 1395 or email Natalie@cbforum.co.uk